the Director of the department of counteraction Central bank Russian Federation (Bank Russia) Lyakh Valery declared to unfair practicians that the regulator revealed neutral impact of vysokochastotnik on exchange trade and came to a conclusion that this segment does not need separate special regulation.
thus preparation of standards for licensing of owners of such systems will begin soon. Until the end of the year obligatory licensing has to be started.
"We will enter uniform system of identification of owners of trade systems that they could register uniformly at the Russian exchanges and information on their contacts was available" — Lyakh Valery explained.
It gave sag of the Dow Jones index which on May 6, 2010 in 6 minutes failed on 1 000 points as an example. As the reason failure in operation of trade robots was called. As a whole participants of the market lost about 1 trillion dollars that day.
Around the world this subject became topical after a release of the best-seller "Flash boys". The employee of the largest investment banks Brad Katsuyama became her hero in the past.
Investigating events in the market, he comes to a conclusion that the leading exchanges in arrangement to large players actually steal a difference in the price from slower large players. While the "slow" player exposes the demand at determined price, vysokochastotnik redeem all demands at this price and expose the demand at higher price. The book had effect of the blown-up bomb. As a result to United States of America there was an exchange where speeds of players were intentionally equalized. It was headed by that Brad Katsuyama.
Besides, vysokochastotnik repeatedly accused in so-called a flash-kreshakh — sharp inexplicable collapses of the prices of assets. The share of vysokochastotnik at the share auctions to Russian Federation on the most liquid tools makes 30 — 50%, Central bank Russian Federation (Bank Russia) is told in research. The ratio of demands to transactions to Russian Federation is comparable to the American indicator one to eight.
Meanwhile the regulator did not reveal negative influence of vysokochastotnik on stock market and a situation with liquidity. High-frequency trade or HFT — is a way of implementation trades financial instruments at the organized auctions with use of difficult algorithms which automatically generate a large number of demands during the day.